Trump's Criticism Sinks US Stocks 2.48% Dow, Bitcoin Hits $88,877

On April 22, Trump once again harshly criticized Federal Reserve Chair Powell, raising concerns about the credibility of the US dollar and the potential downturn of the US economy. This criticism led to a significant drop in the US stock market, with the Dow falling 2.48%, the Nasdaq dropping 2.55%, and the S&P 500 declining 2.36%. Tech stocks were particularly hard hit, with Tesla falling over 5% and Nvidia dropping over 4%. The combined market value of the "Big Seven" US tech companies evaporated by $404.6 billion.

In contrast, the crypto market decoupled from the US stock market and rose against the trend. Bitcoin has been on an upward trajectory since the early trading hours of the previous day. Strategy announced a $556 million investment to purchase 6,556 bitcoins at an average price of $84,785, which boosted market sentiment. Despite the sharp drop in the US stock market, Bitcoin remained stable around $87,000. This morning, Bitcoin quickly rose again, reaching a high of $88,877, hitting a new monthly high with a 24-hour gain of 1.42%. Bitcoin led the crypto market as altcoins came under pressure, with Ethereum falling below $1,600, a 3% drop; SOL was at $138.75, with a nearly 1.72% drop in the past 24 hours.

In the foreign exchange and commodities markets, the US Dollar Index plummeted by 0.94% to near 98, hitting a new 16-month low; oil prices fell, with US oil dropping by 2.06%; spot gold rose by 2.90%, reaching a new high.

Trump's continued attacks on the Federal Reserve have left investors concerned. While low-interest rates are a short-term benefit to the stock market, damage to the Fed's independence may weaken its long-term ability to control inflation, threatening the US dollar's position as the world's safest asset and shaking the foundation of the US economy. The market is on high alert, and risk aversion sentiment is surging.